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The Real Deal - New York Real Estate News |
Safra finances Theater House deal with $80M loan Posted: 28 Dec 2017 03:01 PM PST The Gilardian family landed a $80 million mortgage from Safra National Bank of New York to finance the acquisition of the Theater House tower at 237 East 34th Street, property records show. The Gilardians signed a contract to buy the 23-story new rental apartment building for $110 million in August. The deal closed last week. The seller, Forkosh Development Group, finished constructing the 105-unit, 126,000-square-foot property in March. Safra and Robert Gilardian could not […] |
Guy Fieri leaving Times Sq. space with 10 years left on lease: sources Posted: 28 Dec 2017 02:05 PM PST By 2018, this flame will be out. Guy Fieri’s 15,000-plus square-foot restaurant in Times Square will close at the end of the year. Guy’s American Kitchen & Bar will shutter come Dec. 31 at Kushner Companies’ 220 West 44th Street, according to Eater. One source familiar with the property said the restaurant has about 10 years left on the lease, and pays roughly $1.8 million a year in rent. Fieri opened the restaurant in 2012, […] |
The 10 most valuable Manhattan condo filings accepted in 2017 Posted: 28 Dec 2017 01:30 PM PST In one important way, condominiums had a banner year in 2017. Though closings were about par for the course and contract volume was nothing to write home about, a single Manhattan building finally crossed the $4 billion threshold. Thanks to a familiar face, 2017 gave us the most expensive condo building in Manhattan history, when Gary Barnett’s Central Park Tower was approved to hit the market at $4 billion. The eye-popping total exceeded its limestone […] |
Posted: 28 Dec 2017 01:00 PM PST From TRd Miami’s winter issue: South Florida increasingly pays for office space as a one-stop service business, with companies forsaking a traditional lease in favor of a modern mix of open-seating areas and private offices with perks, including free coffee, that aim to promote collaboration and innovation among tenants. But as co-working behemoth WeWork — with its $20 billion valuation — increases its presence in the area, will the locally founded stalwarts get drowned out? The […] |
Burlington to open huge store at Kings Plaza Shopping Center Posted: 28 Dec 2017 12:30 PM PST Burlington Coat Factory has signed a lease for 55,000 square feet at the Macerich Company’s Kings Plaza Shopping Center in Brooklyn’s Mill Basin neighborhood. The space spans 52,915 square feet on the fourth floor of the mall, which is located at 5100 Kings Plaza. An additional 2,163 square feet is included on other floors due to elevator access. The lease, signed on Nov. 16, is for 10 years and includes three optional extensions for five […] |
LA, NYC and Miami are the top cities for US housing market growth Posted: 28 Dec 2017 12:00 PM PST From TRD LA: The value of the nation’s housing stock grew by 6.5 percent to $31.8 trillion this year — with Los Angeles and New York City far outpacing the rest of the country’s top-valued metro markets and Miami landing at No. 4. The Los Angeles market’s $2.7 trillion valuation topped that any other metro across the country after growing 5.7 percent over the past year. That’s a smidgen higher than New York City’s $2.6 trillion […] |
Faced with retail vacancy, Soho landlord bets on revenue sharing and startups Posted: 28 Dec 2017 11:30 AM PST The first newly constructed retail space in Soho’s Broadway in about a decade hit the leasing market in January 2015, when the market was still sizzling. But almost three years later, 433 Broadway still hasn’t found a long-term tenant. So the landlord, Omari Properties, went with an unusual Plan B. Last month Collab, a store that allows online brands to showcase their goods in exchange for a fee, opened in about 2,000 square feet and […] |
Andrew Cuomo is waging an all-out assault on the GOP tax law Posted: 28 Dec 2017 11:00 AM PST New York Gov. Andrew Cuomo said on Thursday that he is considering challenging the constitutionality of the GOP tax law in court. He’s also taking action to help New Yorkers circumvent a new cap on state and local tax deductions. But time is running out. The tax law will take effect on Monday. New York Gov. Andrew Cuomo is fighting back against the GOP tax law signed by President Donald Trump last week after months […] |
Developer behind SkyView Parc isn’t done with Flushing yet Posted: 28 Dec 2017 10:30 AM PST Another mixed-use building is on its way to Flushing from the developer of SkyView Parc. A team from Onex Real Estate Partners is planning a project with 100 residential units at 144-74 Northern Boulevard, according to permits filed with the city’s Department of Buildings on Thursday. The project, designed by Ismael Leyva Architects, would stand seven stories tall and span about 106,000 square feet, split between 69,000 square feet of residential space, 20,000 square feet […] |
Casco Development to build 38-unit High Line project Posted: 28 Dec 2017 10:10 AM PST Uri Chaitchik’s Casco Development filed construction plans for a 38-unit residential building at 540 West 21st Street, in what looks like yet another condominium project near the High Line in Chelsea. The company wants to bring a 20-story, 172,000-square-foot property to the site, complete with swimming pools, multiple floors of art gallery space and other tenant amenities, according to the plans. Judging by the floor area of the residential space — 128,000 square feet — […] |
CIM, LIVWRK get $57M loan for resi project in Crown Heights Posted: 28 Dec 2017 09:25 AM PST Bank of the Ozarks provided a $57 million construction loan to the Crown Heights residential project that CIM Group and LIVWRK have teamed up on. Plans call for a 12-story residential building located at 111 Montgomery Street and designed by Karl Fischer. LIVWRK purchased the vacant lot from the Brooklyn Botanic Garden in 2015 for $24.5 million, and CIM Group paid almost $30 million to buy into the project in June. Representatives from Bank of […] |
These are the real estate cryptocurrencies you can buy right now (or soon) Posted: 28 Dec 2017 08:55 AM PST If you’re feeling down about not buying Bitcoin in saner times, we’re here to let you know that it’s not too late to get in on the alternative currency boom. There are hundreds of cryptocurrencies out there that can be traded for one another or for actual U.S. currency. The Real Deal gathered a list of real estate-specific cryptocurrencies that amateurs and pros alike can invest in right now. (Note: This isn’t an endorsement.) Here’s […] |
You can deduct your 2018 property taxes on your 2017 bill — if you’re lucky Posted: 28 Dec 2017 08:15 AM PST President Trump and Congressional Republicans’ tax bill will severely restrict the amount of state and local tax filers can deduct each year, but many taxpayers can get out ahead of 2018 by putting some of next year’s property taxes on their 2017 bill, according to new guidelines from the Internal Revenue Service. Of course, that’s only if the municipalities has already issued property assessments for 2018. Hundreds of people have been spotted lining up in […] |
Stars of “Million Dollar Listing: LA” sued over “unattractive” home deal Posted: 28 Dec 2017 07:30 AM PST From TRD LA: “Million Dollar Listing” stars Josh and Matt Altman are continually serving up the drama, both on and off the screen. The brothers are being sued for $3.7 million for allegedly misguiding Hilton & Hyland’s client, Peter Kleidman, into selling his home for well below the property’s worth, Page Six reported. Kleidman enlisted brokerage Hilton & Hyland to sell his residence in December 2012, just a few months before he filed bankruptcy. The brokerage […] |
NYC’s 10 most valuable retail leases of 2017 Posted: 28 Dec 2017 07:00 AM PST The retail market had a tough year in 2017. Case in point: The year’s priciest lease, Hyundai/Genesis’ $11 million deal in the Meatpacking District, was less than one-third as valuable as the most expensive deal from 2016. In 2017, there were no blockbuster deals on the expensive stretch of Fifth Avenue on par with Nike’s $35 million deal last year at 650 Fifth Avenue — or the Swatch Group’s $35 million lease at the St. […] |
The unquestioned winners of 2017? Owners of industrial land Posted: 28 Dec 2017 06:30 AM PST Prices for industrial land have outpaced all other sectors this year thanks to strong demand for warehouses and a dwindling supply of sites. “This situation won’t go away any time soon, because the markets where distribution centers are most in demand—typically near or in densely populated city centers—have scant available land for industrial uses,” David Egan, head of global industrial research for CBRE, told the Wall Street Journal. Pricing for large urban sites between 50 […] |
Build, baby, build: Bronx construction starts again expected to surpass $2B Posted: 28 Dec 2017 06:00 AM PST Construction starts in the Bronx in 2017 are expected to exceed $2 billion for the third year in a row thanks to a healthy pipeline of housing development. The New York Building Congress estimates that roughly $2.3 billion worth of projects will have gotten underway this year, the Commercial Observer reported. That’s roughly the same figure as 2016 and slightly above 2015’s total of $2.2 billion. “The Bronx is experiencing positive momentum and benefiting from […] |
Office-space glut could hit in 2018: Moody’s Posted: 28 Dec 2017 05:30 AM PST The new year could prove to be a double whammy for office markets across the country, as new supply is expected to grow at an accelerated rate while demand from office-using employment wanes. Over the past three years, new office construction increased the office inventory by about 1 percent per year, but in 2018 the annual growth rate is expected to be double that, according to a new report by Moody’s cited in the Wall […] |
Posted: 28 Dec 2017 05:00 AM PST Why Westchester homeowners can’t pre-pay their 2018 taxes Westchester homeowners looking to file before the new GOP tax plan takes effect on Jan. 1 won’t get their New Year’s wish. Outgoing County Executive Rob Astorino’s office announced this week that it will not be able to prepare updated tax documents in time to file before 2017’s end. “It is just not possible for the county to issue its 2018 tax warrants to localities within the […] |
Here’s who is still playing the NYC assemblage game Posted: 28 Dec 2017 04:30 AM PST From the December issue: Piecing together a sizable parcel of Manhattan land is a time-consuming and hairy process. And in today’s tanking investment sales market, many are just avoiding it outright. But there is still a handful of players — many of them among the city’s savviest and most risk-tolerant — in the assemblage game. And the chess moves they are making, which often involve seemingly unconnected purchases throughout Manhattan, offer a window on the next […] |
NYC’s biggest real estate loans of 2017 Posted: 28 Dec 2017 04:00 AM PST 2017 was the year of the refi. Several landlords put trophy towers up for sale only to realize that demand wasn’t what they had hoped, and refinanced instead. And with a tsunami of loans from the boom year 2007 coming due, replacing them with new debt became a multibillion-dollar business. Refinancings, most notably the $2.3 billion mortgage on the GM Building, dominate The Real Deal’s ranking of the biggest commercial real estate loans recorded in […] |
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